A prominent analyst on TradingView, known for his insights into the market, suggests that Shiba Inu could be in for one final downturn before a significant recovery that might propel it back to $0.00003.
As of the latest update, Shiba Inu plummeted by more than 14%, trading at $0.00001323. This sharp decline followed Bitcoin’s retreat to the $53K range earlier today, triggering widespread losses across the cryptocurrency landscape.
Shiba Inu, renowned for its volatility as a meme coin, was particularly hard hit during this market-wide sell-off, marking a continuation of the bearish trend prevailing since June. Over the past 30 days, its value has declined by 49.5%, now standing at $0.00001323.
Some market analysts had anticipated this downturn, and their predictions have only strengthened their belief in an imminent recovery for Shiba Inu. One such analyst is Alan Santana from TradingView.
Predicting One Last Drop Before a Bullish Reversal
In a recent update, Santana forecasted that Shiba Inu would experience a final significant drop in price before entering a bullish phase. He acknowledged Shiba Inu’s impressive performance earlier in the year, noting a remarkable 720% increase during a bullish phase.
Santana emphasized that the current decline is a natural correction following the earlier surge. He foresaw another substantial drop in the coin’s value, which he expects will be followed by a short-term recovery before a secondary decline.
According to Santana’s analysis, this secondary drop will be the last before Shiba Inu embarks on a sustained period of growth.
Is the Final Drop Already Occurring?
On Wednesday, Shiba Inu traded around $0.0000172, but by the following day, it had plummeted by 18% to a low of $0.0000146. Today, it hit a new low of $0.00001294, marking a further 12% drop from its recent low point.
If Santana’s predictions hold true, Shiba Inu may still be undergoing its initial drop. The analyst anticipates this initial decline to bottom out at $0.000012 before rebounding to around $0.000017. However, he also anticipates another pullback that could potentially push SHIB down to $0.000011, constituting the final drop before the expected recovery.
Based on his analysis, Santana envisions Shiba Inu rallying back to the $0.000030 mark in the short term. Given today’s low of $0.00001294, this represents a potential gain of 131.83% for investors who buy during the current dip.
It’s important to note that this article is for informational purposes only and should not be construed as financial advice. The opinions expressed herein are solely those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, as The Crypto Basic assumes no responsibility for financial losses incurred.